Stocks fell on Friday afternoon as bank concerns resumed after Thursday’s rally. Dow Jones component Microsoft (MSFT) from a flat base with an entry of 276.86. Also in Dow Jones, apple (AAPL) retreated after a four-day march.
X
The Dow Jones Industrial Average lost more than 1% at midday, down more than 400 points. The S&P 500 also fell more than 1%. The Nasdaq saw a lower decline of just 1%. The small capital Russell 2000 suffered the most, losing more than 2.5% in the lunch hour.
fedex (FDX) nearly 9% after earnings. Warner Brothers (WBD) earned more than 1% after the upgrade.
nvidia (NVDA) And advanced micro devices (AMD) rose. Baidu (Bedo) along with other Chinese stocks. Bidu stock is clearing the 50-day streak.
Trading volume on the New York Stock Exchange and Nasdaq was higher compared to the same time on Thursday.
Banking stocks resumed their decline after yesterday’s bullish rally.
a The first republic (FRCAn SEC filing revealed that the troubled bank had $34 billion in cash before major banks stepped in to bail out $30 billion. However, the bank also borrowed $109 billion from the Federal Reserve and $10 billion from the Federal Home Loan Bank. FRC also cancels dividends. Shares fell more than 15% in morning trading.
SPDR Regional Bank ETF (KRE) lost nearly 5%.
Banks borrowed $12 billion from the Federal Reserve’s new rescue program last week. However, they also took in $152.8 billion in short-term emergency loans through the Federal Reserve’s “discount window,” topping out at $111 billion in one-week loans during the 2008 financial crisis.
Crude Oil fell to $67.00 a barrel. Gold and Bitcoin rose. Gold reached a 6-week high while the digital asset surpassed August 2022 levels.
The yield on the benchmark 10-year Treasury note fell 20 basis points, to 3.38%.
Stocks are moving outside of the Dow Jones today
Fedex gapped after its third-quarter earnings, snapping a buy point of 217.48. The Charger raised its forecast for the full year.
MarketAccess (mktx) is trying to break out of a flat base at 389.67 buy points. The stock was IBD stock on Tuesday.
Volkswagen (VWAGY) plans to release its first EV to the masses, priced at $26,000. Shares fell 4% at noon.
Technology stock Nvidia added 1% to its impressive gains on Thursday. It rose after Morgan Stanley upgraded the stock from equal weight to overweight with a high price target of 304.
Meta platforms (meta) retreated after its recent breach of a flat base. Stocks in the buy zone. META is on IBD SwingTrader While NVDA is running on a leaderboard.
Also outside the Dow, Warner Bros. rose nearly 1% after Wolfe Research upgraded its rating to outperform. Wells Fargo also gave the stock a plus rating and a price target of 20.
shares pagerduty (P.D) retreated after Thursday’s rally. The stock is approaching a buy point at 33.87 at the base of a handle cup.
Cathy Wood Stock Coinbase (currency) jumped by 7.8%. Stocks rebounded from the 50-day line.
Please continue VRamakrishnan On Twitter for more stock market news today.
You may also like:
Top growth stocks to buy and monitor
Learn how to time the market with IBD’s ETF market strategy
Find the best long-term investments with IBD’s long-term leaders
MarketSmith: Research, charts, data and training in one place
How to Find Growth Stocks: Why the IBinvesD Tool Simplifies Your Search for Top Stocks
Kazuo Ishiguro is a contributor to OE Mag, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that matter to them. His work highlights relevant stories, emerging trends, and key issues, presenting them in a balanced, accessible, and reader-friendly way.